- Do not have available RESP contribution room for the child
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Trending searchesWhy invest your money in an RESP?
RESPs help parents, grandparents, family, and friends save towards a child's future post-secondary education. We offer Individual and family plan RESPs and can help you choose the plan that works best for you.
How much does the government add to your RESP?
When you add money to an RESP, the government may add extra money too.
- Canada Education Savings Grant (CESG): the government matches 20% of what you contribute — up to $500 a year per child, to a lifetime maximum of $7,200.
- Canada Learning Bond: up to $2,000 per child for lower-income families — no contributions required.
When and how can you withdraw from an RESP?
Withdraw once your child enrolls in a qualifying college, university, trade school, or the College of General and Professional Education (CEGEP) program.
- What you contributed comes back to you tax-free.
- Grants and growth are taxed as your child's income. Since many students have little or no income, they may pay little or no tax.
Benefits of an RESP
Not locked into one path
If your child delays going to school or chooses a different path, the money isn't lost. You can keep the plan open for up to 35 years, switch it to a sibling, or move the growth into your RRSP.
Flexible & family-friendly
Anyone can contribute, and a family plan lets you save for more than one child at once. The money covers college, university, trade school, or CEGEP.
Catch up on missed years
Miss a year of contributions? Unused grant room is carried forward, so you can contribute more later and still collect up to $1,000 in CESG in a single year.
Tax-sheltered growth
Your investments grow tax-free while they stay in the plan.
Explore investment products for your RESP
Your RESP can contain a variety of investments, such as cash, mutual funds, HISA and GICs. We can help you build an investment portfolio that’s right for you.
Build a plan for your future with Scotiabank
Frequently asked questions
An RESP stands for an Registered Education Savings Plan. It’s a government-supported savings account designed to help save for children’s’ education after high school. Typically, an RESP account is opened by parents. But it can be opened by other people as well, like a grandparent.
You can take funds out of your RESP once your child has finished high school and has enrolled as a full or part-time student in a qualifying program at a post-secondary educational institution, like college, university or a trade school.
Under the Canada Education Savings Grant, the government matches 20 percent of the first $2,500 contributed each year to an RESP. This means that a maximum of $500 can be added to an RESP annually. You may also have carry forward room from a previous year, that can be used up to a maximum of another $2,500 in contributions for another $500 in grant. Children from low-income families may also be entitled to Additional amounts of Canada Education Savings Grant (ACESG). Contact a financial advisor or your local government authority to find out whether you are eligible.
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Important information about our investment accounts,products, services, and the fees that apply to them.
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The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.
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The bonus interest rate (The “Bonus Rate”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between February 1, 2024 and May 31, 2024 (the “Bonus Rate Period”). Eligible SSAAs include only those held within a First Home Savings Account (FHSA) at either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”). SSAAs held within a TFSA, RRSP, RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered account at Scotiabank are not eligible for this Bonus Rate offer.
During the Bonus Rate Period, the Bonus Rate of 4.35% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of January 31, 2024 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA. In addition, New Deposits will continue to earn interest at the posted annual interest rate for the SSAA (click here for current rates).
The Bonus Rate will cease to apply as of June 1, 2024. The bonus interest earned during the Bonus Rate Period will be calculated daily and paid monthly or within up to 90 days after Bonus Rate Period ends. All interest rates described here in are annual rates.
SSAAs must be open and in good standing in order to receive any interest calculated at the Bonus Rate. A SSAA is not in 'good standing' if it has a negative balance, or the account holder is in breach of the account agreement with Scotiabank.
It is the SSAA account holder’s responsibility to determine his or her maximum allowable annual contributions in SSAAs held in registered plans.
All other terms and conditions of the SSAA continue to apply, refer to https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest.
By accepting this offer, you consent to receive messages from Scotiabank via e-mail, Scotia OnLine and/or the Scotiabank Mobile Banking App so that we can send you important notices regarding your account or this offer. Should you ever need to change your email address, you can update it by calling us or going into a branch.
These offer terms, including the Bonus Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice.
Scotia Securities Inc. is a mutual fund dealer and is a corporate entity, separate from, although wholly-owned by, The Bank of Nova Scotia ("Scotiabank"). ScotiaFunds are managed by 1832 Asset Management L.P. and are available from Scotia Securities Inc. 1832 Asset Management L.P. is a limited partnership the general partner of which is wholly-owned by Scotiabank. Scotia Smart Investor is a trade name of Scotia Securities Inc.
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